FXstreet.com (Barcelona) - Employment has posted a considerable increase in January in Canada, boosting the employment rate to a record high, while the unemployment rate has decreased more than expected, according to data released by Statcan.

In January the unemployment level has fallen from 6.0% in December to 5.8% in January, a 33 year low, due to an increase by 46,000 new contracts, which has taken the employment rate up to 63.8%. With January's data, employment has risen 2.0% in the last 12 months, with an estimate increase of 337,000 new workers.

Full-time employment has been the largest contributor to job creation, posting increases twice as large as the part-time employments over the last 12 months.

Wage growth has also remained strong in January, as it has posted a 4.9% year on year growth in average hourly earnings, a substantially higher jump than the 2.4% year-on-year increase posted by the CPI.